IN BRIEF

Gold hits record after Bear Stearns bailout

Gold surged to a record $1,009 an ounce in New York as the Bear Stearns Cos. bailout and a plunging dollar increased demand for the precious metal.

The intraday price reached the highest ever for a most-active contract at 10:45 a.m., topping Thursday's record of $1,001.50.

Bear Stearns got emergency funding from JPMorgan Chase & Co. and the New York Federal Reserve. The securities firm said its cash position had "significantly deteriorated." The dollar fell to a record against the euro and a 12-year low against the yen. Gold has jumped 19 percent this year, while the Standard & Poor's 500 Index fell 13 percent.

Gold futures for April delivery closed up $5.70, or 0.6 percent, at $999.80 an ounce on the Chicago Board of Trade. Spot gold -- gold for immediate delivery -- closed at $998.10.

CARSON CITY

Utilities regulators fine inmate-call company

The state Public Utilities Commission has fined a Texas company providing inmate-calling services to the Lyon County jail $100,000 for not having a certificate to do business in Nevada.

The PUC imposed the maximum fine against Total Telephone Concepts of Franklin, Texas. The company didn't respond to PUC correspondence and didn't send a representative to a February complaint hearing.

The commission action Thursday followed a mid-2007 complaint from a Dayton woman who said she was unable to get collect calls from her son, who was being held in the Lyon County jail at the time.

In reviewing the complaint, the commission determined the company didn't have a required PUC certificate to do business in Nevada. TTC was issued a certificate in 2001, but it was revoked in 2003 for nonpayment of regulatory fees.

Clear Channel TV group sold for $1.1 billion

Clear Channel Communications sold its television group to Providence Equity Partners for a reduced $1.1 billion, settling a dispute between the companies.

The price is subject to closing adjustments, San Antonio-based Clear Channel said in a statement. The two sides had been in talks to reach a settlement.

Clear Channel, the largest U.S. radio broadcaster, is itself going private in a $19.5 billion buyout that was complicated by the Providence dispute. The broadcaster sued last month to enforce an earlier $1.23 billion TV sale agreement, accusing Providence of trying to renegotiate because of "buyer's remorse." Providence, in turn, sued its lender Wachovia Corp. to force the bank to help finance the purchase.

DETROIT

Union, American Axle continue negotiating

The United Auto Workers union and parts supplier American Axle held further talks Friday but a work stoppage over wages and benefits appeared headed into its third week.

Negotiators met as police briefly arrested two people Friday outside the company's Detroit headquarters on disorderly conduct charges.

American Axle and Manufacturing Holdings spokeswoman Renée Rogers said bargaining took place Friday, but she did not know if full negotiating teams were present for both sides. She also did not know if any progress had been made. Only the lead bargainers for both sides met on Thursday, she said.

Auction-rate securities investing gets UBS sued

UBS AG, Europe's biggest bank by assets, was sued by a brokerage client for investing in auction-rate securities, leading to investments that were frozen as sales of the bonds failed.

Ronald Kassover, seeking class, or group status to represent other investors in a complaint filed in federal court in New York, accused the Zurich-based bank and a brokerage unit of breach of fiduciary duty, negligence and unjust enrichment.

Auction-rate securities are bonds that have interest rates that are reset as frequently as every week, when investors can sell their holdings.

Gannett warns profits may miss forecasts

Gannett Co., the largest newspaper publisher in the U.S., predicted first-quarter earnings of 76 cents to 78 cents a share, below analysts' projections. The stock fell to the lowest level in more than 12 years.

Chief Financial Officer Gracia Martore issued the forecast at an analyst meeting in New York. Analysts polled by Bloomberg had expected earnings of 80 cents a share.

Gannett said February sales dropped 7.2 percent to $528.5 million as newspaper advertising fell 8.3 percent.

NYSE Euronext will buy metals business

NYSE Euronext, the world's largest owner of stock exchanges, agreed to acquire CME Group's metal-trading business, expanding in precious metals as gold prices climb to records.

NYSE Euronext will pay an undisclosed sum to gain control of all of CME's metals derivatives contracts. The sale rids Chicago-based CME Group of a business that would overlap with Nymex Holdings as those two exchanges negotiate a $9 billion merger.

The contracts will continue to trade on NYSE Euronext's London-based Liffe derivatives exchange, which generates more than a fifth of the company's revenue.

NEW YORK

Liquidity troubles send Treasurys higher

Treasurys rallied Friday, benefiting from a stock market unnerved by liquidity troubles at Bear Stearns and data showing unexpectedly mild inflation last month.

The benchmark 10-year Treasury note rose 0.66 points to 100.66 with a yield of 3.42 percent, down from 3.53 percent late Thursday, according to BGCantor Market Data.

Prices and yields move in opposite directions.